LOS ANGELES--(BUSINESS WIRE)--As its remarkable financial turnaround continues, ICEF Public Schools expressed thanks to ExED for its instrumental role in aiding its recovery and helping it achieve a sound and sustainable financial footing.
As a leading provider of business management services to charter schools, ExED was called in to assist ICEF once the full scope of its previous fiscal difficulties became clear in fiscal year 2010-2011. ExED helped to identify and address the causes of ICEF’s poor economic condition, while implementing improved financial practices and controls to shore up the organization for the long term.
“ExED stepped in to assist ICEF at a critical time,” said ICEF CEO Parker Hudnut. “We were completely dependent on ExED’s expertise to help us respond swiftly and appropriately to our financial crisis. The turnaround we’re celebrating today would not have been possible without their help.”
ICEF has successfully attained a positive operating net income through the 2011-12 school year and has aggressively reduced its deficit by more than 80 percent over the past two years, according to an audit performed by Vicenti, Lloyd & Stutzman LLP. The family of 14 schools across South Los Angeles, known for successfully closing the achievement gap for African-American and Latino students, is forecasting a positive ending fund balance by the end of the fiscal year.
“We are very gratified by the incredible financial improvement at ICEF Public Schools,” said ExED Executive Director Anita Landecker. “That is precisely the mission we’re designed to carry out: providing top-quality financial and business services to high-impact school organizations like ICEF, so that they can focus on delivering a great education to their students.”
Once ExED began working with ICEF, a team of business specialists initiated a detailed study of ICEF’s accounting and implemented immediate steps to stabilize its financial condition. Working closely with ICEF’s leaders, ExED served as its “full-service CFO” while improved accounting systems were developed and put into place. This included ICEF’s first school-based budgeting and financial reporting process, providing a much more detailed picture of ICEF’s fiscal health and enabling leaders to plan and manage operations more effectively and accurately.
ExED continues to work with ICEF, offering a range of additional business management and consulting services.
A nonprofit organization founded in 1998, ExED (www.exed.net) has worked with more than 100 of Southern California’s highest-performing charter schools, serving as a full partner and advisor in addition to service provider. ExED’s business services are designed to enable charter schools to operate more efficiently and direct more of their resources to the classroom, helping students achieve their full potential.
With ExED helping to strengthen ICEF’s financial stability, ICEF has maintained its priorities of continually improving student instruction and promoting academic excellence. ICEF’s class of 2012 achieved a graduation rate of 98 percent, with over 88 percent of those graduates now attending some of the top colleges and universities in the country, at rates double that of their African-American and Latino counterparts in the Los Angeles Unified School District.
About ICEF Public Schools
ICEF Public Schools was founded in 1994 with the goal to transform the South Los Angeles community by providing high-quality educational opportunities for its students and preparing students to attend and compete academically at the top 100 colleges and universities in the nation. ICEF has achieved great success in closing the achievement gap for African-American and Latino students through an established K-12 model based on academic rigor, high expectations for its students, parental involvement and rich extracurricular offerings in athletics and performing/visual arts. ICEF currently serves over 4,200 students, 81 percent of whom are African-American, 16 percent are Latino and 82 percent are low-income, across 14 elementary, middle and high schools across South Los Angeles. To learn more about ICEF Public Schools, visit http://www.icefps.org.